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Any individual or organization who are actively involved in the project, who can be positively or negatively impacted by the actions of the company, having needs and expectations, and whose interests may be affected as a result of project’s execution or project’s completion.

They need to be considered in achieving goals of the project, whose support and participation is very much important in project’s success.

Stakeholders can be internal and external and categorized as,

Individuals inside organization

Departments or groups inside the organization.

People or individuals outside organization also called as influencers.

A particular list of stakeholders:

Stockholders and investors – Directly effected

Banks and creditors

Management

Employees – Directly effected

Government and regulators – Indirectly effected

NGOs

Buyers and customers

Media – Indirectly effected

Stakeholder Analysis:

It is an important technique which aims at developing the strategic view of human as well as institutional outlook, and also aims at improving the relation between different stakeholders and look at their issues.

The Stakeholder Analysis process include:

Identify all the key stakeholders (Brainstorming)

Document stakeholder’s needs

Assessing their interests

Manage their expectations

Identify areas of conflict

Prioritize and align their needs with organizations strategy.

Review status, take action and repeat

Benefits of Stakeholder Analysis:

Get to know and understand stakeholders better

Identify risks and potential issues that can disturb the project

Reduce negative impacts and manage negative stakeholders

Communication planning

Make better strategies and take better decisions

Identify people during execution phase for information distribution

A common approach that can help identify and prioritize the stakeholders based on the interests, power or influence by grouping them as below,